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Foss & Company recently hosted a webinar with Bloomberg Intelligence to discuss clean energy tax credits in the post–One Big Beautiful Bill (OB3) environment and what market participants should prioritize in 2026. The panel featured Bryen Alperin, Foss & Company Managing Director & Partner, and Kevin Haley, Foss & Company Senior Vice President of Investments, alongside Bloomberg Intelligence Senior Analysts Rob Barnett, who covers global solar, wind, and carbon, and Andrew Silverman, who covers U.S. tax policy.  Market Backdrop: Data Center Power Demand & Post-OB3 Clean Energy Credits  Bloomberg Intelligence provided market context on power demand and the pace of development. Data center growth and domestic manufacturing continue to add to U.S. electricity demand, with constraints on new conventional generation capacity reinforcing the role of renewables and storage in meeting near-term needs.   What OB3 Changes: Timing, Planning & Strategy  The discussion then focused on what OB3 changes for transactions and project planning. Many clean energy credits remain in place, and transferability and direct pay continue to be available tools. The most immediate pressure point is timing for wind and solar. The panel reviewed accelerated timelines that increase the importance of “begin construction” strategies and placing-in-service planning, supported by documentation that can withstand buyer and investor diligence.  “Begin Construction” In Practice  The panel also addressed how “begin construction” is evaluated in practice. While the market is familiar with “begin construction” frameworks, wind and solar now face more specific rules that put greater weight on physical work and continuity. Developers are applying established approaches to support eligibility, and buyers are underwriting construction methodology and recordkeeping with greater scrutiny.  Diligence Focus: FEOC & Supply Chains  Diligence priorities are also shifting. Foreign-entity related restrictions, also known as Foreign Entity of Concern (FEOC) restrictions and supply chain exposures, are now central workstreams for many transactions. The panel discussed how these requirements can affect contracting and procurement decisions, as well as representations, covenants, and risk allocation between parties. Related considerations, including material assistance analysis and questions around control, are increasingly shaping how investors and buyers’ structure deal.   Bryen and…

As we move further into 2026, Foss & Company reflects on a year defined by execution across the tax equity and transferable credit markets. In the fourth quarter (Q4) of 2025, our teams worked closely together to support more than two dozen closings before year-end across our investments, legal, marketing, real estate, and renewable energy and sustainable technologies teams.   Foss & Company understands this moment. We have navigated periods of transition before, and we remained focused on what matters most: creating long-term value, strengthening partnerships and executing with clarity. Over the past year, Foss & Company continued to expand our team and deepen relationships across the market, reinforcing our role as a stable and trusted partner amid complexity.   To learn more about market developments following One Big Beautiful Bill (OB3), register for Foss & Company’s upcoming webinar with Bloomberg.    A snapshot of Q4 closings  During Q4, Foss & Company supported a diverse set of transactions across renewable energy, adaptive reuse and community-focused development. Highlights include:  Project Alamo Sun (Jones County, TX): Transferable transaction of approximately $331 million in Production Tax Credits (PTCs) generated over a 10-year period (2026-2036) from two solar facilities totaling 400 MWac.  22 Fulton Street (Newark, NJ): Tax credit purchase of $90 million in NJ Aspire Tax Credits supporting a downtown residential development.  707 E. Main (Richmond, VA): Historic tax credit investment of $21.9 million in federal historic tax credits and $27.6 million in VA State Historic Tax Credits, plus $33.4 million in historic tax credit bridge loan financing.  Shinola Hotel (Indianapolis, IN): Investment of $33 million in IN Redevelopment Tax Credits supporting an adaptive reuse project.  Antique Apartments (Columbia, SC): Investment of $12.8 million in SC Textile Tax Credits supporting new student housing.  Upper Spotsy 2 (Fredericksburg, VA): Investment of $7.6 million in VA State Historic Tax Credits supporting redevelopment within a mixed-use district.   Additional projects this quarter included Jagger Mill (Sanford, ME), Heller Keller-Kohn (Cleveland, OH), Stacks at Easley (Rock Hill, SC), Miller Corset Factory (Canandaigua, NY), Peanut Crossing 2 (Suffolk, VA), Ten20 (Columbus, IN), Salem Bottleworks (Winston-Salem, NC), and more.  For more Foss & Company projects, visit the Projects page on our website.    Recent News and Coverage  Foss & Company was featured in several recent announcements and industry stories, including: …

Tax credits can unlock significant project value, but if compliance slips, that value can disappear. Within the tax credit market, there are three programs that move capital into projects that shape communities and the clean energy transition – the Investment Tax Credit (ITC), Federal Historic Tax Credit (HTC) and the Production Tax Credit (PTC). The ITC and PTC fuel renewable energy generation and storage (including Battery Energy Storage Systems), while the HTC revitalizes historic properties and local economies. While these programs open the door to meaningful investment and impact, they also come with strict compliance obligations. When the IRS reclaims previously earned credits because a project falls out of compliance, this is officially known as recapture. Understanding recapture risk is essential to protecting returns, maintaining investor confidence and supporting the long-term success of clean energy and historic rehabilitation investments.   THE RISE OF RECAPTURE RISK UNDER THE INFLATION REDUCTION ACT Since the Inflation Reduction Act (IRA) passed in 2022, sponsors and investors have increasingly used tax credits to finance clean energy and historic rehabilitation projects. With that growth comes heightened focus on compliance — and a greater need for disciplined oversight once projects are operational. If a project falls out of compliance during its applicable compliance period, the IRS may reclaim part, or all, of the tax credits claimed.   ITC and HTC Recapture Periods For the ITC and HTC, the compliance period is five years. Credits “vest” 20% each year over five years: Year 1: Up to 100% recapture Year 2: Up to 80% Year 3: Up to 60% Year 4: Up to 40% Year 5: Up to 20% After Year 5: No recapture risk   PTC Recapture Period For the PTC, compliance runs for ten years and depends on maintaining qualified production. Losing eligibility can disallow current or…

As we closed the third quarter of 2025, Foss & Company continued to provide clarity in a market still settling after OB3. Q3 was about certainty from translating evolving guidance, addressing questions around FEOC rules, to helping partners move forward with confidence. At the end of the quarter, we introduced a refreshed brand identity featuring an updated logo and modernized visual system. The evolution reflects our continued growth and maturity while reaffirming the values that define our approach to institutional partnership and disciplined execution. Driving Value Across Clean Energy & Historic Preservation Foss & Company advanced several projects this quarter, reinforcing our commitment to both sustainability and historic preservation: Hale Kuawehi, Island of Hawai‘i, HI – A 30 MW solar array with co-located 122.8 MWh battery storage, marking our third successful transaction in Hawai‘i. Overton Lofts, Elizabeth City, NC – Our first transaction with Miller & Associates, transforming the historic 1908 Elizabeth City Cotton Mills through Federal Historic Tax Credits and NC State Mill Rehabilitation Credits. Johnson City, San Antonio, TX – Redevelopment of the Johnson City High School into apartments, office space, and a pre-leased nursing school, supported by federal and state historic tax credits. Tower of Maumee, Toledo, OH – Phase two of a historic reuse project delivering 91 market-rate apartments and office space, supported by Federal HTC and Ohio Historic Preservation Tax Credits. Additional projects this quarter included Okun Produce Building (OH), 334–346 Bryant St (NY), Fayette Park (ST), Dunbar School (NC), Forge 417 (OH), 210–216 Fayetteville (NC), Project Wisteria (ST), and the Shinola Hotel (IN). Engaging the Industry Our team remained highly active in the field, speaking and sponsoring across the country: Infocast Texas Clean Energy – Austin, TX – VP Dawn Lima joined industry leaders to discuss the clean energy landscape. RE+ National Conference –…